The Nifty is now standing at 5200, which is a significant pivot level, looking back over the past 18 months.
A breakout from 5200 resistance may well signal a parabolic rally in the market. A pullback will find support at every dip, so at least for now, the buy on dips strategy should work.
Every breakout is a point of maximum risk. This will also apply to a move above 5200. Risk comes with reward, and, traders who take the trade understand this.
It is freezing cold in Delhi. I talked to my colleague in Chandigarh who told me it is probably colder there. All of North and East India comes under a cold spell from mid december to mid february. Many people commute for one and half hours, to reach their work places. Asking employees to come to work at 8:00 AM is unfair because the early trading is unlikely to result in any added value.